Best No-Fee Chequing Accounts In Canada For May 2024

We’ve compared 239 chequing accounts at 19 nationally available banks and credit unions to find some of the best options available. See below to learn more about why we picked each account, the pros and cons of each and details around fees and additional perks.

To create this list, Forbes Advisor analyzed 239 chequing accounts at 39 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 17 data points within the categories of fees, access, customer experience, digital experience, minimums and balance needed to avoid the monthly fee.

The following is the weighting assigned to each category:

• Fees: 60%
• Branch and ATM access: 10%
• Customer experience: 10%
• Digital experience: 10%
• Minimum deposit requirement: 5%
• Minimum balance to avoid monthly fee: 5%

Specific characteristics taken into consideration within each category included monthly fee, ability to waive the monthly fee, overdraft fee, NSF fee, other fees, ATM network, branch access, Better Business Bureau rating, Trustpilot rating, live chat availability, mobile app ratings, online bill pay availability, online banking access, minimum deposit requirements and minimum balance requirements.

Chequing accounts offering no or very low fees scored the highest, as did those offering low minimum requirements and high customer service and digital experience scores.  Preferential treatment was given to chequing accounts that genuinely had no fees, as opposed to chequing accounts that only had no fees when a certain balance was maintained. To appear on this list, the chequing account must be nationally available.

According to the Canadian Federal Government, a no-fee chequing account is a chequing account that provides all the same services required from a low-fee chequing account, but with no monthly maintenance fee. A low-fee chequing account must provide at least the following services, when they are available to the financial institution’s other retail banking customers, for a maximum of $4 per month in banking fees:

• At least 12 debit transactions per month, including at least two in-branch transactions where available.
• Ability to write cheques.
• A debit card.
• Unlimited deposits.
• Monthly printed statements.
• Ability to set up pre-authorized payments.
• Cheque image return or online cheque image viewing.

The best chequing accounts charge minimal fees. When comparing chequing accounts, it’s helpful to consider the following common chequing account fees:

• Monthly maintenance fees
• Paper statement fees
• Wire transfer fees
• Out-of-network ATM fees
• Foreign ATM fees
• Foreign transaction fees
• Overdraft fees
• Returned item (NSF) fees
• Cashier’s cheque, certified cheque and money order fees

Many banks waive monthly fees if you meet their requirements, such as maintain a minimum average balance or receive a certain number of direct deposits per month. Online banks are most often where to find no monthly fees, and they may even offer perks like interest on your chequing account or cash back on your transactions. With an online chequing account, fees for things like wire transfers or foreign ATM transactions may also be lower than what you’d pay with a chequing account at a traditional bank.

There are a number of things you should think about when opening a no-fee chequing account, and below are several questions you should ask to that end.

What is the Financial Institution’s Definition of a “No-Fee Chequing Account?”

A bank must disclose the fees they are charging with the bank accounts they offer. Ask to see a breakdown of the fees being charged and the schedule around when they are charged. Go over these details so you can find out which fees are being charged and which are not. You’ll also be able to find out how much you will be charged for excess transactions or outside ATM withdrawals, for example.

How Much Are the Other Fees?

Find out the cost of other fees that don’t affect your chequing account’s designation as no-fee, such as excess transaction fees, ATM fees or Interac e-Transfer fees. Make sure they truly are the amount you’ve been told. Choose an account with the fewest fees possible, but understand that banks can raise their fees as long as they provide customers written notice.

What are the Requirements for Getting a No-Fee Chequing Account?

In some cases, monthly fees are waived but only if a minimum balance is maintained each month. You may also receive no or low fees if you’re part of a group designated by the bank for such a benefit, such as seniors, students or persons with disabilities.

Does a No-Fee Chequing Account Pay Interest?

Very few chequing accounts in Canada pay interest and even fewer of the chequing accounts that do are designated as no-fee. When a no-fee chequing account does offer interest, it can be as low as 0.1% or as high as 2.50%.

How is the bank’s customer service?

You might appreciate not paying any fees, but for some, the banking experience also hinges on customer service. Read customer reviews on websites like Trustpilot or the Better Business Bureau to get an idea of what the financial institution’s customer service is like before opening a no-fee chequing account with them.

• Shop for a financial institution that offers no-fee checking. Be sure to consider benefits other than a lack of fees, including whether the account has features you want, such as a large ATM network, a debit card, unlimited Interac e-Transfers or the ability to earn interest.
• Find out where you need to apply. Many banks and credit unions allow online applications.
• Provide personal information. When applying for a chequing account, you’ll normally need to supply information like your name, address and Social Insurance Number (SIN), as well as a copy of a government-issued photo ID.
• Come up with an opening deposit. Once your application for a no-fee chequing account is approved, you may be asked if you want to make an opening minimum deposit to activate the account. Most banks and credit unions in Canada don’t require a minimum opening deposit, though, and you have a right to open a bank account even if you don’t have money to put in it right away.

No-fee chequing accounts, at minimum, don’t charge monthly fees, but if they are among the best, they also offer unlimited free transactions, free ATM withdrawals within their network, unlimited free Interac e-Transfers, a welcome bonus, the ability to earn interest and sometimes, cash back on your debit card spending. Your deposits into a no-fee chequing account should also be insured by the Canadian Deposit Insurance Corporation (CDIC) up to at least $100,000.

Our research is based on information from the following financial institutions: RBC, TD, BMO, National Bank, CIBC, Scotiabank, UNI Financial, Canadian Western Bank, Coast Capital Savings, Digital Commerce Bank, EQ Bank, First Nations Bank of Canada, Laurentian Bank, Manulife Bank, Motus Bank, Peoples Bank of Canada, Simplii Financial, Tangerine Bank, VanCity, VersaBank, HSBC, ICICI Bank Canada, SBI Canada Bank, CTBC Bank, Bank of China (Canada), KEB Hana Bank Canada, Shinhan Bank Canada, Meridian Credit Union, Servus Credit Union, Envision Financial, Steinbach Credit Union, Affinity Credit Union, Prospera Credit Union, Conexus Credit Union, ConnectFirst Credit Union, Access Credit Union, Assiniboine Credit Union.